Big fine for Videoslots & Casumo

ChopleyIOM

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Might explain why those trophy rewards aren't quite what they used to be.....

Three online casino firms have been fined £14m after the largest enforcement action by the
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Commission uncovered failings in systems designed to prevent money-laundering and protect problem gamblers.

The industry regulator ordered Casumo to pay a penalty package of £5.85m, while Videoslots will pay £1m in lieu of a financial penalty. Daub Alderney was hit with a fine of £7.1m, previously announced.
 

Chipkin9

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Might explain why those trophy rewards aren't quite what they used to be.....

What do the UKGC do with all that money they receive from fining casino's? Line thier pockets?

Really, I'm curious. It seems like they're targeting every single possible casino they can.
 

Chipkin9

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I can imagine someone emailing the UKGC blaming them for this months battles being cancelled :p

tenor.gif
 

Harry_BKK

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And Dr. Vegas closing for good after CZ Holdings has given up their license. :oops:

Tough times ahead!
 
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Steviedoo

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What do the UKGC do with all that money they receive from fining casino's? Line thier pockets?

Really, I'm curious. It seems like they're targeting every single possible casino they can.

Regulatory settlement Videoslots
The regulatory settlement package consists of:

a) A payment in lieu of a financial penalty of £1,000,000 which will go to National Responsible Gambling Strategy project(s) to pay for research and treatment as determined appropriate to address the risk of harmful gambling. This payment includes a divestment in the sum of £310,478.08.
 

nikantw

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I read: "We are the best of the best of the best ...."

But I want to read what exactly was the big "crime" (with all the details).

And I want to read: "We realize now that even with our best intentions we created a big mess! Our vague and generalized directives caused extreme invasion to peoples privacy.
Not to mention the great, real and unnecessary danger of sensitive private information leakage. So we decided to take upon ourselves the responsibility for SoW checks and simply inform the operators with the findings."
 

pinnit2014

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Some of the recommendations include beefing up the compliance teams, dedicated U.K. Compliance Manager. So anyone in that area should keep an eye on the job pages ;-)

Apparently their MLRO wasnt sufficiently trained etc. If the MLROs not up to scratch then what hope does the rest of the team have.
 

shadow123

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Really suprized Videoslots have been penalized as they seemed take great pains to comply with the regs,even though
it annoyed a lot of players , me included and probably lost them quite a few players.If they cant get it right no one can.
Seems the UKGC is on a power trip, makes me think they really will kill the UK gambling industry,I can see more
big casinos leaving the market with very few new ones wanting to enter the UK minefield.
Every bloody time politicians get involved with things they know nothing about it ends up in tears.
When the smoking ban came in, it was one stupid do gooder who amended the proposal at
the last minute, changing the balanced and sensible idea of no smoking in food areas and
providing separate smoking and non smoking areas in other public places.As a result of
that silly cows interference thousands of jobs were lost and bingo halls, social clubs and pubs
closed all over the country.She said later it was her finest achievment.
 

dunover

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Might explain why those trophy rewards aren't quite what they used to be.....

I played at Casumo for years and of all the casinos that seemed to do just about everything right they were one. I did a SoW there, the RG settings were enforced perfectly, if this is what a good casino falls into, god help the shithole ones.

It makes me laugh when the UKGC bang on about RG when they allow reverse withdrawals and fruit machines for kids at seaside arcades.

The big bookies will be rubbing their fat hands here in the UK as they will soon be the only ones left as competition is slowly eliminated and they alone have the funds and lawyers necessary to analyse every little line of the regulations and /or pay the fines levied.

Oh, and the scam shithole casinos that have used their criminal proceeds to apply for legitimate UKGC licenses...we can only hope they're on the list of those being investigated. They've been told often enough....:mad:
 

colinsunderland

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I played at Casumo for years and of all the casinos that seemed to do just about everything right they were one. I did a SoW there, the RG settings were enforced perfectly, if this is what a good casino falls into, god help the shithole ones.

It makes me laugh when the UKGC bang on about RG when they allow reverse withdrawals and fruit machines for kids at seaside arcades.

The big bookies will be rubbing their fat hands here in the UK as they will soon be the only ones left as competition is slowly eliminated and they alone have the funds and lawyers necessary to analyse every little line of the regulations and /or pay the fines levied.

Oh, and the scam shithole casinos that have used their criminal proceeds to apply for legitimate UKGC licenses...we can only hope they're on the list of those being investigated. They've been told often enough....:mad:

I think these fines relate to the period before they were doing that though, these rules have been there years, not just when the EU directive came into play, very very few casinos took any notice until then though. Must agree that Casumo are one of the few who seem to enforce the rules correctly.
 

mac72

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n ireland
It won’t just have happened overnight would suggest videoslots knew they were in trouble and then went over the top with sow/rg to bring all into line.
 

brianmon

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One thing which Casumo did very wrong regarding RG, was their 'take a break' option.
You could TAB for 6 weeks, login the day after setting the TAB, and you'd get a message saying you were taking a break.
BUT there was an option to reopen the account, all you needed to do was click on yes, and the account was fully functioning again.
Totally useless TAB function
 

colinsunderland

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I read: "We are the best of the best of the best ...."

But I want to read what exactly was the big "crime" (with all the details).

And I want to read: "We realize now that even with our best intentions we created a big mess! Our vague and generalized directives caused extreme invasion to peoples privacy.
Not to mention the great, real and unnecessary danger of sensitive private information leakage. So we decided to take upon ourselves the responsibility for SoW checks and simply inform the operators with the findings."

But thats not how it works in any business, AML laws have been in play for years, I've had to do them in the 90's with banks, and I wouldn't expect the Bank of England to do my HSBC SOW checks. If you don't trust the casino to keep your data safe, don't supply it. Simple as that. The law doesn't cause extreme invasions to people's privacy, the casinos do that by trying to enforce blanket SOW requests, and asking for far more information than required, in cases where it clearly shouldn't even be requested. They should believe there is a high risk of a customer being involved in illegal activity before doing any AML checks, yet we have seen many cases where it has been done on people making odd £20 deposits. I instantly closed my Energycasino account when they requested it, as theres no way on earth my spending patterns should be classed as a high risk.
 
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